Independent Standard-Setting Boards

The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.

The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.

The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.

Risk Management & Internal Control

Proper risk management and internal control help organizations understand the risks they are exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations. Professional accountants can and should play a leading role in helping their organizations achieve an integrated, organization-wide approach to risk management and internal control—which ultimately helps create, enhance, and protect stakeholder value. See the full overview.

The Committee of Sponsoring Organizations of the Treadway Commission (COSO)’s newly updated Enterprise Risk Management Framework takes important steps toward ensuring risk is managed as an integrated part of managing an organization.

How Can the New ERM Framework Help You? by Patrick J. Stroh, Institute of Management Accountants Global Board Member and President, Business Strategy Innovation at Mercuiry Business Advisors | February 12, 2018

The updated COSO ERM framework focuses on five elements of good ERM, which guides businesses in developing a strategy that ultimately helps them reach their mission and vision.

A lack of confidence in non-financial information is hindering its utility for users assessing an organization’s performance and potential for long term value creation—using their knowledge of management and process control, professional...